One thing I’ve never discussed here on the blog or podcast before is what I do with the earnings I generate online. I can tell you, however, that several people have asked me about it though.
Generally, I’ve been less open about what I do with my earnings compared to how I generate an income online, but I’ve shared a few things here and there. For example, I’ve put a bit aside into respective 529 plans for my kids’ education, I’ve reinvested some of that income into back into my business and building my team (and my own business education), and I’ve barely mentioned that I have an emergency fund, invest into retirement accounts (solo 401k) and even put a chunk of my earnings aside each month into a managed account over at Wealthfront.
Plus, I donate quite a bit to charities and organizations (usually anonymously), such as my support for Pencils of Promise and my recent trip to Ghana to visit a couple of schools that we built together.
But never has this topic of wealth-building beyond the business been seriously discussed, until today.
And to help me talk through this topic, I brought back a recent and popular guest to the SPI podcast, Ryan Moran, who I learned through casual conversation has an incredible passion for wealth-building strategies that extend far beyond his work online.
You might remember Ryan from Episode 144, where he taught us how to build a business off of Amazon. His last episode got one of the biggest responses of any podcast this year, and I’m so excited to spark that kind of conversation again.
Ryan’s here to share how he’s maximized his business earnings, invested them, diversified his income streams over time, and built up his wealth for the future. He’ll offer up strategies for beginning investors as well as ultra-technical tips for seasoned pros, and to be honest it was a real interesting conversation for me as I’m still learning how to best build wealth beyond my business.
Whether you’re ready to invest today, or if investing lies farther off in your future, you’ve got to hear Ryan’s advice for making the most out of your hard-earned income.
Now, I will say that this episode may not pertain to you at this moment in your life as you still may be getting your business off the ground (and Ryan mentions, and I agree, that building your own business is where you should start – so you’re on the right track!), but you can definitely use this conversation as a means of motivation for what’s ahead for you.
Also, please note that neither I or Ryan are investment or accounting professionals, by any means. This podcast is here simply to start a conversation, and also touch on this subject to gauge your interest in it because I could definitely talk more about these kinds of passive income strategies in the future as well.
Many of you have even more knowledge and experience in this field, and I welcome your comments and thoughts on this subject.
What works for you may be different than what works for Ryan or me.
Listen in, and let me know what you think—I want to hear from you!
Thanks for Listening!
Thanks so much for joining me again this week. Have some feedback you’d like to share, or some advice for Ryan on investing your income? Leave a note in the comment section below!
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A huge thank-you to Ryan for joining me again for another awesome episode. Until next time!
Ryan Moran joins me today to discuss wealth-building strategies and what to do with the money you earn from your online business.
- The three phases of investing for success.
- Where and when to invest your income once business is booming.
- Where the traditional modes of investing fail, and how you can do better.
- How to choose stocks that will maximize your profit.
- Strategies for automating your passive income streams.
- The smart way to pay yourself with your business earnings.
- How much to keep in your emergency fund.
- The secret of high-yield, low-risk investments, and how to leverage them.
- How Ryan got his Tesla for free, and more!